A firm will continue hiring labor as long as the MRP of labor ________ the market wage rate.
A. is greater than or equal to
B. determines
C. is less than
D. is equal to
Answer: A
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What could explain why a decrease in taxes could lead to a less-than proportionate increase in output ?
A. Consumers may choose to save much of the tax cut in anticipation of having to pay higher taxes in the future. B. As a result of diminishing returns to current consumption, consumers may choose to spread the extra spending over the long term rather than consuming the proceeds of a tax cut all at once. C. A decrease in taxes will necessitate lower government outlays, thus largely offsetting the higher consumption expenditures of households. D. All of the above. E. A and B only
Gross domestic product is the total ________ produced within a country in a given time period
A) market value of all final and intermediate goods and services B) market value of all goods and services C) amount of final and intermediate goods and services D) market value of all final goods and services
The relationship between consumption and disposable income is very unreliable and unpredictable.
Answer the following statement true (T) or false (F)
An import quota for sugar results in an increase in
A) the domestic market price of sugar. B) the domestic demand for sugar. C) the domestic market supply of sugar. D) sugar imports.